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tv   BBC Business Live  BBC News  May 14, 2018 8:30am-9:01am BST

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this is business live from bbc news with samantha simmonds and maryam moshiri. rebooting zte. president trump says he's working on getting the chinese telecoms firm back in business after it's us ban. live from london, that's our top story on monday the 14th of may. president trump says too manyjobs are being lost in china — as the telecoms firm zte stops its major operations following a us export ban. also in the programme: iran's foreign minister is on a whirlwind diplomatic tour — in a bid to limit the damage of the us pulling out of the nuclear deal. and tackling dementia — we'll talk to one firm which has developed a test to try and detect very early signs of the condition. as a british scientist
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warns against testing driverless cars on public roads — today we want to know would you be comfortable driving on the same road as a driverless test car? let us know — just use the hashtag bbcbizlive. hello and welcome to business live. the trade tensions between the united states and china are firmly back in focus. that's because president trump has tweeted that he's working with president xi to find a way for the chinese state—owned telecoms firm zte to get back into business. early last year zte agreed a record $1.2bn settlement with the us authorities for illegally selling telecoms equipment to iran and north korea. last month the us government found the terms of that deal has been breached and imposed an export ban which meant zte could no longer get
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hold of crucial us components. and last week zte said appeared on the brink of going out of business when it said the ban meant it was ceasing its major operating activities. karishma vaswani is our asia business correspondent in singapore. an extraordinary message from president trump given what he's been saying about change trade in the past. absolutely, notjust him, us intelligence agencies even went so far as to say as zte made products posed a cyber security threat to american consumers. it begs the question what exactly is president trump thanking? at the time of the ban zte complained it would being u nfa i rly ban zte complained it would being unfairly attacked by american authorities. it said it would not be
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able to keep operating without buying products from the united states as was pointed out, us companies provide at least a quarter of the components used in zte's equipment which includes things like smartphones and telecommunications network equipment. so it's quite a dramatic turnaround we are seeing from president trump in the form of this message, policy by twitter as one analyst said earlier today on the telephone. in terms of concrete action what does it mean and how much influence does president trump have on the ability of the commerce department to reverse this decision? what we do know is that zte has applied for an appeal to the united states and there is some suggestion according to some of the analysts i've been speaking to over the last few hours about this particular case, that that decision on zte's appeal might be expedited as a result of president trump's message.
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the chinese vice premier is on his way to washington as we speak for trade talks, how would they work with the us over this deal? trade talks, how would they work with the us over this deanm trade talks, how would they work with the us over this deal? it is ha rd to with the us over this deal? it is hard to say simply because we don't understand exactly what the negotiations are between the two sides, they have not been made explicitly clear. what is clear is this very much seems to be about negotiating. it's about the tit—for—tat, what can i trade you and what can i get back in return? it would be interesting to see how much a factor the zte issue becomes in the conversation between beijing and washington. remember when the sides had trade talks that did not go down all that welljust over a week ago, zte was on the table. given this new message from president trump, how much more will be resolved, we have to wait and
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see. iran's foreign minister is on a whirlwind diplomatic tour to try and limit the damage of the us pulling out of the nuclear deal. today javad zarif is in moscow for talks with his russian counterpart. on sunday, mr zarif travelled to china and expressed hopes the deal could be salvaged — but he wants protection from the economic sanctions the us is reimposing. the us government says that firms doing business in iran will have to stop doing so within six months or face us sanctions. many european firms are affected — a number of french firms have signed mulit—billion dollar agreements since 2015. they include airbus, the oil giant total and the car makers renault and peugeot. with me is pat thaker who's the editorial and regional director at the economist intelligence unit. thank you so much forjoining us. javad zarif in russia today and interestingly, the interesting point here is that if iran is increasingly isolated off the back of this deal
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changing orfalling isolated off the back of this deal changing or falling apart then isolated off the back of this deal changing orfalling apart then it isolated off the back of this deal changing or falling apart then it is naturally going to move closer to the likes of russia and china isn't it? absolutely. this time around it's quite different from before the deal was made. complex deal which took years to put together. the reason iran, it is interested in moving very quickly and trying to negotiate, ensuring that people remain in the deal to the benefit of the iranian economy. this is all about economics and nothing else. it's very much a case of in the coming days you will see iran trying to negotiate, working very hard to keep the key partners on the table all the time. as we were saying, it's a multibillion—dollar deal, multibillion—dollar deals at risk, europe, france, they want this to continue, they need the trade. what can european countries do to keep it
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on the table or is that all but impossible? it's going to be very difficult for the europeans to remain in the deal particularly the companies. you can see the longer this goes on the focus for iran as it is moving quickly with russia, china and india, you will see a situation emerging on a greater scale of what it was like for iran to negotiate with the asian market before the deal was struck. how does it impact iran's economy? we know without this level of support and a renewed sanctions on iran could become even more isolated and insular and that could not only affect the economy but the political situation. iran is having to work on this new dealfrom situation. iran is having to work on this new deal from a very weak position on the ground. economically. you're right, it will have a devastating impact. at least in the short term, the coming months and into next year. we expect a recession to take place next year,
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foreign exchange is already under pressure due to shortage in the foreign exchange revenues, financial tightening, investment slowing down and particularly from the europeans that the iranians were banking on as pa rt that the iranians were banking on as part of this deal. let's take a look at some of the other stories making the news. south korea's trade ministry says that it has taken a tariff trade dispute with the us to the world trade organization. that's after the trump administration imposed tariffs on south korean washing machines and solar panels imported to the us. the chief financial officer of australia's biggest bank — commonwealth — has resigned. robjesudason‘s departure comes as the bank is under huge pressure from a public inquiry into widespread wrong doing in australia's banking sector. says its abandoning the $6bn merger with japan's fujifilm
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that was announced in january. xerox says that fuji hasn't stuck to the terms of the deal asian shares rose to near two—month highs on hopes us—china trade tensions were thawing after trump pledged to help zte "get back into business, fast" ahead of a second round of trade talks between officials this week. germany's dax — which is very exposed to china and trade is up. i think ithinki i thinki millionjobs in germany depend on iran. as for oil us plans to reintroduce sanctions against iran have stoked anxiety in the middle east. iran pumps about 4% of the world's
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oil, and the latest development has sent oil prices to near multi—year highs. crude slipped 2a cents to $70.46 a barrel and brent was off 39 cents at $76.73. and joe miller has the details about what's ahead on wall street today. after a welcome few days in the green for the dowjones wall street will hope two of america's biggest retailers don't ruin the party this week. first off home depo the largest home improvement chain in the us is expected to have benefited from the optimism surrounding the us home—building market. but the firm could have been hit by unseasonable weather which may have kept diy lovers in doors. then it's the turn of walmart, the world's largest brick and mortar brands is still struggling to compete with amazon online and is also in the process of fixing its international businesses. it recently announced its decision to buy an indian e—commerce firm and
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struck a deal with british grocer sainsbury is to sell its stake in its uk arm, as done. investors will be looking for signs of what the walmart strategy is for the coming few months. joining us is simon derrick from the bank of new york mellon let's talk about specific markets, in particular of the malaysian market. last week we had a political earthquake in malaysia with the election of the 92—year—old prime minister, what sort of impact has that political change had on markets and currency? it's been mixed, this has been two weeks were emerging markets have been in the fray, the aftermath of the election we had the local stock market down sharply, the currency down sharply. there was a warning that they were concerned about some of the reforms suggested. the interesting bit is about what
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happened today, comments from the prime minister over the weekend saying don't worry too much, we won't be too aggressive with reforms. the market initially ignored it but then sentiment has improved thanks to donald trump who has seen the currency comeback, it shows you the power of a tweet i guess. indeed, the coming week, retail will be in focus? us retail sales coming out which will be important and numbers either of the uk with the british retail consortium suggesting we've seen a slowdown yet again and people going to the uk shops, suggesting the worst decline in football since 2009 —— footfall. worst decline in football since 2009 -- footfall. it's always the weather isn't it? they suggest the weather but it's something more or less timed deals, maybe they have run out of excuses.
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still to come... tackling dementia: we'll be hearing from one firm which has developed a test to try and detect very early signs of the condition. we have both done the test, to keep watching for the results. i'm a bit worried! you're with business live from bbc news. uk employers are planning to raise wages by 2.1% over the next year, as demand for workers remains high. that's according to a new report by the chartered institute of personnel and development. the positive employment picture contrasts with the economy as a whole, which grew at its weakest annual rate in five years in the first quarter. joining us now is gerwyn davies, who's the labour market advisor at the cipd. talk us through what the report shows? employment growth prospects
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have hit a five—year high which as you say is something of a surprise given the disappointing data we have seen given the disappointing data we have seenin given the disappointing data we have seen in the uk economy of late. perhaps it's not a surprise when you consider we have seen strong employment growth over many years now, contrast somewhat with volatile economic growth in the uk which has been weak on occasions. it's also been weak on occasions. it's also been the case, it's also the case rather that it is the export facing sectors such as manufacturing and business which are being buoyant, supported undoubtedly by the fall in the valley of the pound and the strong global growth which is contrasting somewhat with the uk economy. it could also be the case that the recent agreement between the uk government and the eu, which essentially sees the retention of free movement of labour and access to the single market, may have removed some of the uncertainty many have been complaining about since the brexit referendum. tell us about the brexit referendum. tell us about
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the impact that fall is going to have on all of this? we are seeing wea ker have on all of this? we are seeing weakerfigures in have on all of this? we are seeing weaker figures in consumer facing sectors such as retail and that comes as no surprise given real wages have been falling for the best pa rt wages have been falling for the best part of two years. but there is good news on the horizon potentially given inflation continues to fall and asa given inflation continues to fall and as a report in our survey data this morning, wages will accept arise. the big question is whether the extra disposable income is translated into more spending on the high street or whether it is used for debt repayments or into savings, thatis for debt repayments or into savings, that is the big question. thank you. more on that story and of course all the latest business news on our website. you are watching bbc news. welcome
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back. you're watching business live — our top story — president trump has tweeted that he's working with president xi to find a way for the chinese state—owned telecoms firm zte to get back into business. the firm ceased its major operating activities after the us imposed an export ban on crucial american components. a quick look at how markets are faring.... looking like a pretty mixed picture, plenty of corporate and economic news to look forward to for investors this week. dementia costs the global economy hundreds of millions of dollars a year — but imagine if it could be spotted and treated earlier? globally more than a7—million people have the condition — and the world health organization predicts it will reach 75—million by 2030. dementia — which includes alzheimer's — causes deterioration in thinking, memory and behaviour — and it is estimated to cost the global economy more than $800—billion a year. here in the uk one health care start up —
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called cognetivity — has developed a test to try and detect very early signs of dementia. using an ipad and flashing images it claims to have a very high level of accuracy. dr sina habibi is the co—founder of cognetivity. so good of you to join so good of you tojoin us, talk so good of you to join us, talk us through how exactly this works. as you mentioned we have a huge problem a global problem with dementia and one of the key problems we have is early diagnosis, currently half of people in the most advanced systems in the world including the united kingdom and the united states never receive a diagnosis. these numbers go a lot higher, one in ten people in lower—income countries. what we have done with the test we invented is we have not focused on memory which is
quote
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the trend over the last years for detecting the disease. we have invented a cognitive function test focusing on image cognition, how our brain precedes images and this is one of the earliest parts of the brain affected by the disease. what made you come these idea originally in terms of a business idea? when we looked at the numbers of diagnosis which shows us we have this crisis. we invented a simple test in younger people, we found a very interesting correlation between age and performance, as you know age is the measuring factor for dementia, we initially started taking some results which were staggering compared to everything else after. many of us have a relative who sadly has dementia or got dementia, a common criticism is that they don't get it diagnosed early enough and this is where your test comes in really because early diagnosis is really because early diagnosis is really important even though there
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is no cure. absolutely. like any other problem the earlier you know there is a problem the more you can do about it. we have pharmacological solutions and non—pharmacological solutions and non—pharmacological solutions which can help the patients to keep their cognitive function for longer periods. they can be less dependent on people around them but also a lot of things like brain training games, exercise to reduce cardiovascular risks which basically increases the risk... you have clinical trials at the moment and the nhs will bring this in, for over 55 is, hopefully? and the nhs will bring this in, for over55 is, hopefully? we and the nhs will bring this in, for over 55 is, hopefully? we want to do this and not earlier than it is done today and if we can push back 15—20 yea rs before today and if we can push back 15—20 years before the patients lose their memory, the idea is to use this as pa rt memory, the idea is to use this as part ofan memory, the idea is to use this as part of an annual checkup and as soon as there is a single simple deterioration we can detect it. how much will you charge for the nhs to use this per person, per test? it's
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pa rt use this per person, per test? it's part ofan use this per person, per test? it's part of an annual checkup and it's going to cost 49 sterling... how can you justify that to the nhs? it's been practised before, a primary ca re been practised before, a primary care test which looks for early signs of dementia, charging around 45-50 signs of dementia, charging around 45 — 50 sterling. signs of dementia, charging around 45 - 50 sterling. briefly, we did the test in the greenroom, proviso here i've been up for many hours on a seven hours already, you've been up a seven hours already, you've been up less than me... but is it releva nt to up less than me... but is it relevant to do it in people who are significantly less... we both scored 0k? both significantly less... we both scored ok? both of you did fantastically well but to show you how sensitive it is and you are absolutely right, even hours of sleep can be detected, fatigue can be detected and show shoot the sensitivity... when will it be available and i know you are going global. yes. next year we are going global. yes. next year we are going to be out there and available at primary care level within the nhs
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in the united states. so good to meet you and good luck with that. it sounds brilliant. especially as we all know someone who has suffered from dementia or a cognitive disorder. you go! five years ago, aron gelbard had a vision of creating a hi—tech florists, where customers could order online and their flowers would be delivered in a flatpack through the letterbox. but most florists hated the idea, and his challenge was trying to recruit really creative ones tojoin his team — this is the latest in our ceo secrets series. as ceo i need to be on a different wavelength with every single different person i work with, without doing that the business won't go anywhere. and blooming world we are trying to create a totally different type of flower company where people can order their flowers easily on their mobile phones and where we send them all over the country through your letterbox. business has grown quite
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a lot, we've more than doubled the last few years and we now do tens of thousands of deliveries every month. some people thought that was sacrilegious to try and send flowers, dry, on arranged in the format we now send them in and there was quite a lot of resistance. i figured out people would be excited by the challenge of figuring out how to do by the challenge of figuring out how todoa by the challenge of figuring out how to do a beautiful ok in letterbox format, to come up with bouquets that look beautiful, but the customer would be able to arrange by themselves and to use stems that would fit in a letterbox format. it's impossible to say to someone do it or get out because you are no one thing you start a company, you need each person that you find to want to work for you. they don't owe you anything. and so you need to make it appealing for them to get on board with your mission. have you seen any of those, they are very interesting, i have had a box and its unconventional, but different. i am waiting for you to send me a box of flowers to tell you how much you love me. you will be waiting a long
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time! simon is back tojoin us. let's talk about driverless cars. an ai expert warning that sought driving cars are dangerous if you test them amongst the general public. i am in my mid-50s and i believe everyone is a worse driver than i am so i am all for improving safety but unfortunately these warnings which come from someone who's been involved in artificial intelligence for a long time was involved in creating the first machine to beat humans at the chinese game of golf. he says perhaps not the best thing in the world is to test driverless cars on the road and perhaps it would be better to do this and more artificial conditions. the reason for that is we have seen accidents over the last few years, you can see where he is coming from, perhaps it's not the best place to test, out on the streets of croydon. we've been asking viewers to get in touch
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and let us know what you think and whether they are ready for the roads. neill said keep them off public roads until performance is proven. marianne... that wasn't you? the horse carriage guys made the same gripe when cars were introduced. is it a case of being a luddite? roger says it'll be a case of when human and artificial drivers are mixed on the road. it sounds like robocop. can artificial intelligence make the same level of decision as humans make? we've been using artificial intelligence and one former or anotherfor using artificial intelligence and one former or another for a wide range of things like this. think about the fact we use autopilot and planes, boats looking after people and it's been used for many years. let's look at this xerox story, why has the sale fallen through? they
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we re has the sale fallen through? they were saying that fuji wasn't going to pay in, there has been stuff about audited numbers but the reality is investors, fuji felt that with this starting to commend the stocks are coming back up and you think they will probably feel the same thing about xerox. simon, thanks, we will probably hear a lot more about that in the coming weeks. one more tweet about al and d riverless one more tweet about al and driverless cars, they are still statistically far safer than those driven by humans. thanks so much for watching, that's all from us today. goodbye. hello. it's been a chilly start to
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the day, many of us waking up to blue skies and sunshine. through this week it will stay mostly dry, plenty of warm sunshine around. turning cooler and midweek as i'll show you in a moment. the satellite picture reveals lots of clear skies across the uk, a little bit of club moving through northern ireland and the west of scotland. offshore cloud across east anglia. that cloud moving further inland, a chance of catching an isolated shower. a little breezy, taking the edge of temperatures. some cloud to the north and west but in between, keeping blue skies, turning pretty worn in the strong may sunshine, temperatures between 16—19, perhaps 20 degrees in the midlands and south of england. this evening and tonight, around coastal areas, turning misty, quite a bit of cloud
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around, moving inland. temperatures for you have clear skies down to 5-7d the for you have clear skies down to 5—7d the major towns and cities. temperatures in the high single figures, perhaps double figures. tuesday morning, we start with cloud and mist around coastal areas, much of the tending to disappear. some cloudy skies, rain moving into the far north—west, a little chilly here, temperatures building across england and wales, we seek temperatures reaching 25 and 22 degrees. although it will be a little bit cooler further north and west. but the weather and cloud and rain all associated with this cold front, moving south and east, introducing fresher, cooler conditions across many areas as we go into wednesday. we might well see cloud, maybe one or two spots of rain on wednesday, largely dry conditions, the cloud breaking up across southern areas to see sunny
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spells, else for a day of sunshine, temperatures down on tuesday, looking about i2—i6d, 16—17 in the south and east. as we go into the rest of the week the temperatures climbing again. we have this big area of high pressure, sticking with us on area of high pressure, sticking with us on thursday, friday, into the start of the weekend. with that, going to be plenty of dry weather, plenty of sunshine as well. goodbye. hello it's monday, it's nine o'clock, i'm chloe tilley, welcome to the programme. figures obtained by this programme reveal more than half of uk police forces are reporting victims of crime to the home office for immigration enforcement. we have an exclusive report on how women who have been attacked and even right by then been arrested by police. have been attacked and even right by then been arrested by policem have been attacked and even right by then been arrested by police. it is shocking to know that victims of crime are being seen and treated as criminals just because of their
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status. i think it's, it's something we are coming across routinely now and it as a result of theresa may's hostile environment policy. and it as a result of theresa may's hostile environment policylj and it as a result of theresa may's hostile environment policy. i have heard of people being the subject of rape being afraid to come forward to report that which
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